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Kara Murphy of Kestra Investment Management writing, we are modestly overweight equities with

lower exposure to mega-caps in favor of mid-cap, a tilt towards non-US and a focus on earnings growth. Kara, good morning. Good morning. Let's get to that last slide. Earnings Growth. Where are you seeing it? Where's it coming from? So I think we definitely had a pause heading into second quarter and that's sort of what we're going to be chewing through over the next couple of weeks as we make our way through earnings season.

But what is so important and what is usually important in earnings season is getting the view

of the second half. And I think what we're finding is that CEOs are coming in a little bit bolder

about what the second half looks like. They're able to sort of like take that slower

growth in the second quarter, but then see a real reacceleration into the second half of the year. Where are they getting clarity on policy from? I don't think they are. I'm not seeing it. Lise is not saying it. You're saying it? I think what they're able to do, and this is where time is all of our friend, right? When tariffs were first introduced in early April, it was this huge change and people

didn't really understand even what the implications were for their supply chains.

Over the last couple of months, many CEOs have been able to sharpen their pencils, understand

where those implications are, sometimes diversify their supply chains so that they're less

sort of beholden to let's say China, where that's sort of been ground zero for tariffs,

...